Serena Hotels narrow half-year loss to Ksh.23.5 million

Serena Hotels, which trade as TPS Eastern Africa Plc, have significantly narrowed their loss through six months to Ksh.23.5 million from Ksh.557.3 million in June 2021.

The near swing back to profitability represented by the 95.8 per cent loss reduction is anchored on rebounding revenues with earnings for contracts with customers hitting Ksh.2.6 billion in the period.

This to mark a 136 per cent jump in revenues from Ksh.1.1 billion last June.

“The performance from the second quarter of 2022 confirms renewed momentum and an encouraging rebound in business levels,” the company said on Friday.

“The outbreak of Omicron variant caused uncertainty in travel earlier in the year. However, the recovery witnessed in February gained further momentum in March.”

The company says resilience created by the brand’s regional presence will support the recovery as the hospitality chain maintains connections with its key customers.

Serena Hotels managers have however made note of the evolving nature of headwinds including disruptions off the Russia-Ukraine conflict.

During the six months, TPS reduced its borrowings to Ksh.442.9 million from Ksh.644.5 million previously.

The hotelier’s bank overdraft in the period eased to Ksh.177.5 million from Ksh.428.1 million pointing to the Group’s reduced reliance on debt to fund its operations.